- Push-out Score determined
- After less than three years in the position
- Words of regret and good wishes for Morelli
- Richard Fleming taking over in the interim
- Search for a successor
- Morelli said 65 words
(exechange) — Buffalo, New York, December 11, 2019 — Mark Morelli, chief executive of Columbus McKinnon, leaves. As announced by Columbus McKinnon Corp. in a news release and in a regulatory filing published on Wednesday, December 11, 2019, Mark D. Morelli leaves his post as Chief Executive Officer at the material handling equipment maker after less than three years in the role, effective January 10, 2020.
Among the 3,000 largest publicly held companies incorporated in the U.S. based on market capitalization, the average tenure of the CEOs who announced their departure over the past 12 months was 7.4 years, according to data compiled by exechange. On an accumulated basis, around 25% of the CEOs who announced their departure over the past 12 months left their posts within three years.
The announcement of Mark Morelli’s move comes 17 months after Richard H. Fleming took over as Chairman of Columbus McKinnon Corporation.
Columbus McKinnon will undertake a search for a successor.
Mark Morelli’s duties as CEO will be taken over in the interim by Richard H. Fleming, currently Chairman of the Board of Columbus McKinnon Corporation, as Interim Chief Executive Officer.
Morelli will be CEO at Fortive’s NewCo
“Mark Morelli has informed the Board of Directors of his intention to resign from his position as President, CEO and Director effective January 10, 2020 to accept the position of President and CEO of Fortive’s NewCo,” Columbus McKinnon said.
Fortive’s NewCo is a global industrial company that Fortive previously announced it will form as part of its planned separation into two independent, publicly traded companies.
Share price increase since February 2017
The announcement follows an increase in Columbus McKinnon Corporation’s share price of 54% since February 2017.
Chaired by Richard H. Fleming
Columbus McKinnon Corporation is chaired by Richard H. Fleming.
Richard H. Fleming was appointed a Director of the Company in March 1999 and was elected Chairman of the Board in July 2018.
In the position of CEO since 2017
Mark Morelli became CEO of the Company in 2017.
Morelli will continue in his capacity to transition his responsibilities over the next 30 days.
Morelli was appointed President & CEO on February 28, 2017.
Morelli recently served as President and Chief Operating Officer of Brooks Automation from 2012 to 2016.
Previous to his role at Brooks Automation, Morelli served as Chief Executive Officer of Energy Conversion Devices, an alternative energy company.
Morelli has also held positions with United Technologies and Carrier Commercial Refrigeration.
Morelli began his career as a U.S. Army officer and helicopter pilot.
Push-out Score determined
The Push-out Score™ determined by exechange gauges the pressure surrounding the management change on a scale of 0 to 10.
exechange reached out to Columbus McKinnon and offered the company the opportunity to comment on the score.
Read the full story in the exechange report 50.2019 ($).